MIRA INFORM REPORT
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Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
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Name : |
DAE RYUK INTERNATIONAL, INC. |
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Registered Office : |
140 Route 70 North 301, Paramus, NJ 07652 |
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Country : |
United States |
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Financials (as on) : |
31.12.2008 |
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Year of Establishment : |
1989 |
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Com. Reg. No.: |
0100365891 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Industrial Machinery and Equipment |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
100 000 USD. |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
DAE Ryuck International Inc DRI |
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Address in the order: |
Paramus Plaza-1, 140 RT. 17 North Suite 301, Paramue, N.J. 07652 |
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Comments on data supplied: |
Please find the correct name and address below. |
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Legal Name: |
DAE RYUK INTERNATIONAL, INC. |
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Trade Name: |
DRI |
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Legal Address |
140 Route 70 North 301 Paramus, NJ 07652 |
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Telephone: |
(201) 655-6337 |
Registration Number : |
0100365891 |
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Fax: |
(201) 655-6340 |
Legal Form: |
Corporation for Profit |
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Email: |
N.A. |
Registered in: |
New Jersey |
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Website: |
N.A. |
Date Created: |
1989 |
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Manager: |
Don Hee Yeum |
Date Incorporated: |
1989 |
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Staff: |
15 |
Stock: |
N.A. |
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SIC Code : |
5084 |
Value: |
N.A. |
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Activity: |
Industrial Machinery and Equipment |
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BANKS
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Name of the Bank |
Nara Bank NA. |
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Location |
16 W 32ND ST NEW YORK NY 10001 |
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Account Number |
0901103665 |
BUSINESS
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PRINCIPAL ACTIVITY |
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It engages in the manufacture and sale of metal cans. |
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Products/Services description: |
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It offers general line cans, which include lubricant cans, edible oil
cans, and paint cans; and aerosol cans that comprise insecticide cans, hair
spray cans, and butane gas. The company also provides acrosol components,
such as caps, spouts, valve components; and aerosol components. |
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Sales are: |
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Wholesale |
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Clients: |
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Companies in the food, machinery, gas and paint industries |
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Suppliers: |
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Dae Ryuk Can Co., Ltd. 733 25 Yeosam-Dong Ganam-Gu Seoul Korea |
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Operations area: |
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National, International |
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The company imports from South Korea. |
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The company export to worldwide. |
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Trade References: |
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The person contacted refused to provide the names of their suppliers
for us to check the trade references. |
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Competitors: |
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Cummins Americas Inc National Oilwell Varco, Inc Ferguson Enterprises, Inc Genuine Parts Company Praxair, Inc Mitsui & Co (U S A ), Inc |
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The subject employs 15 employee(s) |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The company is headquartered and single located at the above address. |
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Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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Dae Ryuk Can Co., Ltd. 733 25 Yeosam-Dong Ganam-Gu Seoul Korea |
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Management: |
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Chairman board Don Yeum President Gun Park Vice President Bongkook Park |
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Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not
publish any financial statements. The parent company is a public company
traded on the Kosdaq stock exchange under the number 004780. Please find
enclosed the parent company’s consolidated financial statements. |
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The parent company is a public company
traded at the stock exchange. Please find enclosed the parent company’s
consolidated financial statements. |
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Legal Fillings |
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There are several UCC** files listed with
the Secretary of State of New Jersey. There are no legal filings listed with the
District Court. THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom United States citizens and permanent residents are prohibited from doing
business. ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as
collateral for a secured transaction by filing a public notice (financing
statement) with a particular filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
Rating
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Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal
taxes were paid on due date. |
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Final Opinion |
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The company has 22 years in the business. It is a small sized company, evolving in a
stable sector. Profitability is low, indebtedness is
high, cash is good and payments are regular. We did not find a specific adverse record
against the subject. A credit line may be considered for 100
000 USD. |
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SUMMARY
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Profitability |
LOW |
Public Records |
NO |
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Indebtedness |
HIGH |
Payments |
REGULAR |
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Cash |
GOOD |
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APPENDIX
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Person Interviewed |
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The person talked to confirmed us some information but refused to
provide us with any financial data on grounds of confidentiality and asked
our agent to send an email at dri@drican.com for more information. An answer
has not been received yet. |
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Income Statement Annual Data
Figures in millions of USD
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Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
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Revenues |
7,680.4 |
8,624.6 |
10,071.6 |
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TOTAL REVENUES |
7,680.4 |
8,624.6 |
10,071.6 |
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Cost of Goods Sold |
6,720.0 |
7,758.5 |
8,871.9 |
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GROSS PROFIT |
960.4 |
866.1 |
1,199.7 |
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Selling General & Admin Expenses, Total |
629.2 |
863.0 |
758.4 |
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R&D Expenses |
27.7 |
26.9 |
27.5 |
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Depreciation & Amortization, Total |
60.5 |
80.2 |
72.9 |
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Other Operating Expenses |
46.0 |
6.9 |
37.0 |
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OTHER OPERATING EXPENSES, TOTAL |
763.3 |
977.0 |
895.9 |
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OPERATING INCOME |
197.1 |
-110.9 |
303.9 |
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Interest Expense |
-195.2 |
-267.3 |
-307.8 |
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Interest and Investment Income |
21.7 |
22.2 |
29.3 |
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NET INTEREST EXPENSE |
-173.4 |
-245.0 |
-278.6 |
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Income (Loss) on Equity Investments |
-375.4 |
-43.5 |
-191.5 |
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Currency Exchange Gains (Loss) |
-23.5 |
2.8 |
309.6 |
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Other Non-Operating Income (Expenses) |
28.1 |
-14.2 |
0.7 |
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EBT, EXCLUDING UNUSUAL ITEMS |
-347.1 |
-410.9 |
144.1 |
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Gain (Loss) on Sale of Investments |
-1.2 |
-- |
-0.1 |
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Gain (Loss) on Sale of Assets |
64.4 |
137.1 |
36.5 |
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Other Unusual Items, Total |
368.7 |
297.9 |
-- |
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Insurance Settlements |
368.7 |
297.9 |
-- |
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EBT, INCLUDING UNUSUAL ITEMS |
84.9 |
24.1 |
180.5 |
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Income Tax Expense |
50.1 |
84.6 |
60.1 |
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Minority Interest in Earnings |
-- |
103.4 |
-39.3 |
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Earnings from Continuing Operations |
34.8 |
-60.5 |
120.4 |
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NET INCOME |
34.8 |
42.9 |
81.1 |
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NET INCOME TO COMMON INCLUDING EXTRA ITEMS |
34.8 |
42.9 |
81.1 |
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NET INCOME TO COMMON EXCLUDING EXTRA ITEMS |
34.8 |
42.9 |
81.1 |
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Balance Sheet Annual Data Figures
in millions of USD
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Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
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Assets |
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Cash and Equivalents |
663.1 |
386.4 |
457.3 |
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Short-Term Investments |
110.0 |
40.5 |
315.9 |
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TOTAL CASH AND SHORT TERM INVESTMENTS |
773.1 |
426.9 |
773.2 |
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Accounts Receivable |
2,981.1 |
3,129.5 |
3,095.7 |
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Notes Receivable |
44.1 |
2.0 |
1.2 |
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Other Receivables |
370.1 |
414.8 |
249.1 |
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TOTAL RECEIVABLES |
3,395.3 |
3,546.3 |
3,346.0 |
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Inventory |
829.2 |
869.2 |
1,358.4 |
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Prepaid Expenses |
42.6 |
27.4 |
23.9 |
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Deferred Tax Assets, Current |
-- |
39.0 |
34.5 |
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Other Current Assets |
76.3 |
107.9 |
152.6 |
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TOTAL CURRENT ASSETS |
5,116.4 |
5,016.7 |
5,688.7 |
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Gross Property Plant and Equipment |
6,539.8 |
7,005.5 |
7,242.8 |
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Accumulated Depreciation |
-2,793.0 |
-3,200.1 |
-3,718.0 |
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NET PROPERTY PLANT AND EQUIPMENT |
3,746.8 |
3,805.4 |
3,524.8 |
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Goodwill |
38.0 |
-- |
-- |
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Long-Term Investments |
414.8 |
536.7 |
816.4 |
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Deferred Tax Assets, Long Term |
181.2 |
156.0 |
166.3 |
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Deferred Charges, Long Term |
58.5 |
37.5 |
21.2 |
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Other Intangibles |
7.8 |
4.2 |
2.4 |
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Other Long-Term Assets |
201.8 |
224.7 |
265.7 |
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TOTAL ASSETS |
9,765.4 |
9,781.3 |
10,485.4 |
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LIABILITIES & EQUITY |
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Accounts Payable |
2,019.6 |
1,803.0 |
1,656.3 |
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Accrued Expenses |
73.4 |
121.1 |
83.2 |
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Short-Term Borrowings |
2,604.9 |
2,258.6 |
2,738.1 |
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Current Portion of Long-Term Debt/Capital Lease |
794.5 |
525.5 |
1,277.5 |
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Current Income Taxes Payable |
2.5 |
148.5 |
15.6 |
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Other Current Liabilities, Total |
63.7 |
169.2 |
132.4 |
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TOTAL CURRENT LIABILITIES |
5,633.1 |
5,026.0 |
5,903.2 |
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Long-Term Debt |
377.5 |
831.2 |
550.0 |
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Capital Leases |
256.2 |
241.7 |
135.2 |
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Minority Interest |
-- |
143.6 |
236.2 |
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Pension & Other Post-Retirement Benefits |
340.6 |
308.5 |
306.3 |
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Other Non-Current Liabilities |
27.5 |
5.9 |
10.9 |
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TOTAL LIABILITIES |
6,634.9 |
6,413.2 |
6,905.6 |
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Common Stock |
554.6 |
554.6 |
554.6 |
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Additional Paid in Capital |
673.0 |
716.4 |
738.3 |
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Retained Earnings |
1,918.9 |
1,961.9 |
2,022.0 |
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Comprehensive Income and Other |
-16.2 |
-8.5 |
28.7 |
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TOTAL COMMON EQUITY |
3,130.4 |
3,224.4 |
3,343.6 |
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TOTAL EQUITY |
3,130.4 |
3,368.0 |
3,579.9 |
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TOTAL LIABILITIES AND EQUITY |
9,765.4 |
9,781.3 |
10,485.4 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.45 |
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UK Pound |
1 |
Rs.73.35 |
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Euro |
1 |
Rs.64.78 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.